File Photo / Wojciech Bednarczuk
Agnieszka Carpenter
Updated: October 2, 2024
Maine's $2.3B life sciences sector is outpacing industry’s regional, nationwide job growth
Photo / Courtesy, Marin Skincare
Between 2018 and 2023, life sciences jobs in Maine grew by 31%, according to a sudy by the Bioscience Association of Maine. Shown here is Cassidy Dean of Marin Skincare, a Portland-based startup making skin care products from a lobster byproduct.
Maine life sciences companies boosted employment by 31% between 2018 and 2023, outpacing the sector's 29% average job growth across New England and 19% growth nationwide during the same period, a new report shows.
The report, released Wednesday by the Bioscience Association of Maine, shows that 587 businesses in the state’s $2.3 billion life sciences sector employed 9,832 people in 2023.
“One of the most striking findings this year is the impressive 31% job growth in Maine's life sciences sector over the past five years,” Agnieszka Carpenter, BioMe’s executive director, told Mainebiz ahead of the organization's annual meeting Wednesday in Portland.
“This is particularly notable given the broader post-pandemic decline in jobs as the demand for COVID-19 products and services decreases,” she added. “Maine's life sciences sector has not only rebounded but is growing at one of the fastest rates among New England states.
"It’s even more impressive when you consider that this 31% growth is the second highest among all technology sectors in the state, just behind the information technology sector.”
BioME's report also shows that life sciences is now the third-highest-paying tech sector in Maine, below IT and environmental technology.
That “signals the value and demand for specialized talent in this field,” Carpenter said.
“The combination of rapid job growth and high salaries makes life sciences an increasingly attractive career path and key driver of Maine’s tech economy” she added. “These findings show that Maine is emerging as a significant player in life sciences, with strong potential for future growth and innovation."
Carpenter was honored as a Mainebiz Woman to Watch in 2023.
Job growth across the industry was fueled by the fields of pharmaceuticals and medicine as well as research and development in a variety of sectors. The study also shows that Maine’s life science sector has a larger share of workers between ages 25 and 44 and a smaller share of workers over 65 than other occupations.
Funding snapshot
When it comes to venture capital funding, life sciences startups in Maine raised $116.1 million between 2019 and 2023, led by the $40 million raised by Portland-based Rarebreed Veterinary Partners in a single deal, the report shows.
However, annual funding dropped from $20.3 million in 2022 to $9.5 million in 2023.
Carpenter said the decline can largely be attributed to the relatively small number of companies in the state actively seeking or receiving VC funding.
“With only a handful of startups securing investment each year, even small shifts in the number of deals can lead to significant year-over-year fluctuations,” she noted.
She also underscored that venture capital funding is just one of several pathways for startups to secure financial support, and that many companies also rely on grant funding.
“Depending on the company’s stage, sector and specific needs, the most effective route to funding and growth can vary significantly from year to year and from one company to another,” Carpenter said.
Bullish outlook
Bullish on Maine's life sciences sector in 2025, Carpenter said she expects continued progress in workforce development and innovation in research and development, while citing access to capital and scaling infrastructure as challenges.
"One way to address those challenges is for voters to approve Question 2 [on the state's November ballot], a $25 million bond that would provide grant funding to companies in several sectors, including life sciences," she said.
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